Titan Trading Notes For Tuesday [5/3/2024]
KLCI had a slight rebound back towards closing green at 1539 points today with an overall mixed market sentiment as we still had over 530 counters closing red for the day. Daily trading volume remains average around the 3.3 billion mark.
Main stocks that showed strong buying momentum would be the likes of CIMB, SPSETIA, YTL, MAYBANK, YTLPOWR, EDUSPEC, MTEC, IFCAMSC, SUNWAY, and MBSB. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed market sentiment.
$SPSETIA(8664.MY$ was definitely one of the better performers today as it managed to rebound strong from its RM 0.85+ support levels and breakout all the way towards the RM 0.91 regions with good volume and buying momentum today.
For now still consolidating within a large symmetrical triangle pattern with RM 0.94+ as the main resistance. That said, if able to keep this kind of buying momentum up, could breakout from this pattern soon for an uptrend continuation towards the RM 1+ zones.
Will be monitoring SPSETIA closely here.
Although $MTEC(0295.MY$ had been consolidating over the past week around its RM 0.64+ support levels, it was able to breakout strong towards the RM 0.71+ regions today with good volume and buying momentum.
Although wasn't able to close on its intraday high, its closing price at RM 0.69 was still a pretty good sign here and as long as able to hold above its RM 0.68+ immediate support levels, could continue to trend up further here.
Will be monitoring MTEC closely to see how this develops as it's one of the leading IPO themed stock.
$CHGP(7187.MY$ since retracing its dip regions around the RM 0.73+ levels over the past few months, was able to breakout very strongly over the past week here, rallying all the way towards the RM 1.09 regions today with good volume and buying momentum, even closing on its intraday high.
So far not showing any sign of weaknesses yet and as long as able to sustain above its RM 1.05+ immediate support, could continue towards the RM 1.10 - RM 1.20 regions soon in this coming week itself.
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